Peter S. Goodman

For months, troubled homeowners seeking to lower their mortgage payments under a federal plan have complained about bureaucratic bungling, ceaseless frustration and confusion. On Thursday, the Obama administration declared that the $75 billion program is finally providing broad relief after it pressured mortgage companies to move faster to modify more loans.

Less than a week before Americans go to the polls to select a president, the government reported Thursday that the economy contracted from July through September. In a stark indication of widening national distress, consumer spending dipped for the first time in 17 years.

Not long ago, overtime was a regular feature at the Ludowici Roof Tile factory in eastern Ohio. Not anymore. With orders scarce and crates of unsold tiles piling up across the yard, the company has slowed production and cut working hours, sowing worry and thrift among its workers.

In the summer of 1996, President Bill Clinton delivered on his pledge to “end welfare as we know it.” Despite howls of protest from some liberals, he signed into law a bill forcing recipients to work and imposing a five-year limit on cash assistance.